Norwegians and Koreans ink offshore wind deal to secure cooperation

The Memorandum of Understanding aims to get business going between offshore wind companies. Both Norwegian supply chain and developers are interested in the emerging Korean market. Especially within floating projects, the potential for contracts is large.

- We in Norway see great potential in the Korean offshore wind market. The supply chains in these two countries can build on each other’s capabilities, and we hope to further strengthen our collaboration through this MOU with our friends in KWEIA, says Hans Hansen, who leads the Working Group for South Korea in Norwegian Offshore Wind. 

With the Norwegian ambassador as a witness, the two networks signed the MOU during the Korea-Norway Offshore Wind Business Forum in Incheon. 

-To succeed with offshore wind in South Korea, we need to explore avenues for cooperation. We hope that, centered around the MOU signed with Norwegian Offshore Wind, both nations can establish themselves as leading players in the offshore wind energy industry, says Vice Chairman Jin-Ki Sung from KWEIA. 

The future for floating offshore wind in South Korea looks promising. According to the latest Market Overview Report from TGS-4C Offshore, South Korea are expected to install 7,3 GW of floating offshore wind already by 2030. Norway’s first large scale floating wind farm will most likely be put to tender in Q1 2025. Recently, three new projects have signed with the world leading test centre for floating offshore wind, METCentre, on the West Coast of Norway. 

-The Norwegian industry has through our pioneering projects in floating offshore wind built a strong supply chain, and our expertise in marine operations, engineering and project management can contribute positively in Korea, says Hansen. 

Norway and Korea already have a long history with collaboration in the maritime industry. 

In May, the global industry in floating offshore wind will gather in Haugesund, Norway, for the annual Floating Wind Days. NOW with partners plans for a strong South Korean presence at the event.